Indianapolis—Inland Real Estate Acquisitions Inc. is the new owner of Solana Apartments at the Crossing. Developer Milhaus sold the newly built 384-unit apartment asset north of downtown Indianapolis for $60.5 million, or $158,000 per unit. HFF marketed the property.
“This residential community is ideally situated on 55 acres, approximately 10 miles north of downtown Indianapolis and two miles south of Carmel’s premier office corridor with close proximity to The Fashion Mall at Keystone and the Keystone entertainment area,” says Mark Cosenza, vice president of Inland Real Estate Acquisitions Inc. “The property also includes a 26-acre lake offering residents boat slips and direct access to the White River.”
Amenities at the property include a resort-style pool, private cabanas, a clubhouse, teaching kitchen, fitness center, yoga room, media lounge, business center, outdoor theater and fitness trails.
Gebroe-Hammer closes 13 multifamily sales in July and August
Livingston, N.J.—Gebroe-Hammer Associates has completed 12 multifamily investment sales in July and August, totaling 2,180 units valued at $117.2 million.
“Demand among investors continues for all class categories of multi-family properties,” says Ken Uranowitz, president of Gebroe-Hammer. “Targeted properties include those possessing a value-add component, which involves renovations and upgrades as part of the new buyer’s business plan in order to bring these newly acquired assets up to competitive market rates. We predict this trend will continue for the remainder of this year and beyond, especially as the economy continues to improve and many residents—notably the younger generation—are more inclined to opt for apartment-rental living.”
Eight of the 13 properties sold during the two-month timeframe were located in New Jersey’s Hudson, Union, Essex and Passaic counties.
Vice President and Hudson County market specialist Nicholas Nicolaou arranged the sale of a four-building package totaling 159 apartment and six commercial units located throughout Jersey City (115-119 and 125-129 Magnolia Ave. and 50 Stuyvesant/2 Romaine) and Hoboken (328-332 Jackson St.). Combined, the four properties garnered $21 million.
The $6.9 million sale of 52 units at 120-122 Park Pl. in Passaic was arranged by Debbie Pomerantz, vice president and Passaic/Bergen County market specialist.
55-59 Cherry St., a 23-unit property in Elizabeth, was sold for $1.1 million by Stephen Tragash, vice president. Managing Director David Oropeza brokered the $1.02 trade trade of 30-32 Rutgers St. in Irvington, a 27-unit property with five commercial spaces.
In Kearny, a 12-unit property also sold for $1.02 million.
In transactions outside of New Jersey, Eli Rosen arranged the sale of the Arbor Wood Duplexes in Philadelphia. The property, consisting of 21 duplex houses with a total of 42 one-bedroom apartments in the city’s Germantown/Mt. Airy section, traded for $2.4 million. The sales of four additional properties along the New Jersey/Pennsylvania corridor, totaling 1,865 units, were also arranged by Gebroe-Hammer’s brokerage teams.
Meridian brokers $29M in creative acquisition, construction financing for boutique condo
New York—Meridian Capital Group LLC negotiated a $29 million acquisition and construction loan for the development of a new residential condominium project in the Chelsea neighborhood of New York on behalf of Six Sigma. This transaction was negotiated by Meridian Capital Group Associate Aggelos Sklavenitis, who is based in the company’s New York City headquarters.
The financing was provided by Knighthead Funding LLC. Knighthead Funding is a real estate finance company specializing in bridge loans and other alternative debt financing to meet capital needs in a variety of unique lending situations. Knighthead Funding was able to structure a 30-month interest-only loan providing $29 million towards the acquisition, construction and development. This creative financing, coupled with the sponsor’s equity, creates a total capitalization of $41.3 million or approximately $1,500 per buildable square foot.
The development site is located at 435 West 19th Street, between Ninth Avenue and Tenth Avenue, in the heart of New York City’s chic Chelsea neighborhood and one block from the Highline Park. The property is currently configured as a five-story, 21,800 square foot office property and will be expanded into a nine-story, 27,500 square foot residential condominium.
“Chelsea is one of the most active and desirable luxury condominium development markets in Manhattan. Meridian was able to leverage its long-standing relationship with the principals of Knighthead, effectively communicate the uniqueness of the project and emphasize the sponsor’s ability to execute the business plan in order to obtain higher leverage financing for this development. Ultimately, the sponsor’s vision, in combination with the lender’s creativity, has enabled this unique boutique property to move forward and it will no doubt set a new standard for the luxury condominium development marketplace,” says Sklavenitis.
“Manhattan’s residential market fundamentals continue to show tremendous strength. This project’s proximity to the Highline in Chelsea, in conjunction with the sponsor’s successful development track-record, created a compelling financing opportunity,” says Brian Sullivan, vice president of Knighthead Funding.
“We are very excited about this new condominium project. The character of the Highline neighborhood allows us to create a very unique product that offers residents with luxury resort living in the city. With a private sky garage and private swimming pool in each condominium unit, residents get to experience a lifestyle in New York City like never before,” says Johnny Wan, managing director, of Six Sigma NYC.